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Jay Z has signed a $200 million, 10-year deal with tour promoter Live Nation.

The rap icon announced the deal Thursday that continues his relationship with the company, a connection which began in 2008. A person close to the situation, who spoke on the condition of anonymity because the person was not allowed to publicly talk about the topic, told The Associated Press that Jay Z earned $200 million for the new deal.

"Over 9 years, we have traveled the world producing historic music experiences," Jay Z said in a statement. "This renewed partnership is a testament to our longstanding relationship and the talented individuals at Live Nation. For the next 10 years, we will continue redefining the live event landscape."

Live Nation has produced a number of Jay Z's successful live shows, including his recent collaborative tours with Beyonce and Justin Timberlake.

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Jay Z will be performing live a good amount this year: He's slated to headline a number of music festivals, including Austin City Limits, the Meadows Music and Arts Festival, and his own Made In America festival.